Q1 2024 Nevro Corp Earnings Call Transcript
Key Points
- Nevro Corp reported first quarter revenue and adjusted EBITDA that exceeded the guidance provided in the previous quarter.
- The company announced a revenue increase of 5.8% on a reported basis and 5.6% on a constant currency basis, driven by a product mix shift to the newest generation SCS platform, HFXIQ.
- Nevro Corp is taking additional restructuring steps to advance its strategy and accelerate the path to profitability, including raising the 2024 adjusted EBITDA guidance to a range of negative $5 million to positive $2 million.
- The company has successfully integrated its newly acquired SI joint fusion business and commenced the limited market release of SI joint products, expanding its market penetration.
- Nevro Corp continues to invest in R&D to develop and commercialize innovative treatment therapies for chronic pain, maintaining a strong focus on driving technological advancements and market leadership.
- US trials were down approximately 5.1% compared with the year-ago period, attributed to overall softness in US SCS trialing activity and the impact of physician attendance at SI joint fusion training sessions.
- The company reported a net loss from operations of approximately $35.8 million and an adjusted EBITDA of negative $9.6 million for the first quarter.
- There are ongoing challenges with scaling the SI joint business, including the need for extensive training for physicians and sales reps, which can temporarily reduce trial activities.
- Nevro Corp's reliance on the successful ramp-up of new sales reps and the adoption of new products like the SI joint fusion devices to meet full-year revenue projections introduces elements of uncertainty.
- The company faces intense competition in the spinal cord stimulation market and needs to continuously innovate and differentiate its offerings to maintain and grow its market share.
Good afternoon. My name is Audrey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Nevro Corp. First Quarter 2024 Earnings Conference Call and Webcast. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star key followed by the number one on your telephone, please. If you would like to withdraw your question, press star one again. At this time, I would like to turn the conference over to Angie McCabe, Vice President, Investor Relations and Corporate Communications. Please go ahead.
Thank you, Roger. Good afternoon, and welcome to Nevro's First Quarter 2024 earnings conference call. With me today are Kevin portal, our CEO and President, and Rob McLeod, our Chief Financial Officer.
Before we get started, please note that our earnings release
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